Vietnam Quarterly Knowledge Report Q3 2017 en

vietnam quarterly KNOWLEDGE report
q3 2017
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Table of Contents Page

ECONOMIC OVERVIEW............................................................................................................... 6-7
VIETNAM .................................................................................................................................... 6
HO CHI MINH CITY ...................................................................................................................... 7
HANOI ........................................................................................................................................ 7
DANANG ..................................................................................................................................... 7
HO CHI MINH CITY MARKET OVERVIEW ........................................................................ 8-20

OFFICE ........................................................................................................................................ 8
RETAIL ........................................................................................................................................ 11
CONDOMINIUM ............................................................................................................................ 13
VILLA & TOWNHOUSE ................................................................................................................. 15
SERVICED APARTMENT .............................................................................................................. 17
INDUSTRIAL ................................................................................................................................ 19
HANOI MARKET OVERVIEW ................................................................................................ 21-32

OFFICE ........................................................................................................................................ 21
RETAIL ........................................................................................................................................ 23
CONDOMINIUM ............................................................................................................................ 25
VILLA & TOWNHOUSE ................................................................................................................. 27
SERVICED APARTMENT .............................................................................................................. 29
INDUSTRIAL ................................................................................................................................ 31
DANANG MARKET OVERVIEW ............................................................................................. 33-40

OFFICE ........................................................................................................................................ 33
RETAIL ........................................................................................................................................ 35
CONDOTEL .................................................................................................................................. 37
VILLA .......................................................................................................................................... 39
Cover Page: Ho Chi Minh City Skyline

LIST OF FIGURES Page
Figure 1: Vietnam Exports - Imports in 9M2017 ................................................................................. 6
Figure 2: International Arrivals to Vietnam in 9M2017 ....................................................................... 6
Figure 3: GDP Growth Rate of HCMC, Hanoi and Danang ................................................................... 7
Figure 4: FDI of HCMC, Hanoi and Danang ......................................................................................... 7
HO CHI MINH CITY MARKET OVERVIEW 8

Figure 5: Office, Average Asking Rent ................................................................................................ 8
Figure 6: Office, Occupancy Rate ....................................................................................................... 11
Figure 7: Retail, Rental Rate by Years ................................................................................................. 11
Figure 8: Retail, Occupacy Rate by Years ........................................................................................... 13
Figure 9: Condominium, New Launches by Segment and Quarter ....................................................... 13
Figure 10: Condominium, Sold Units by Segment and Quarter ............................................................ 13
Figure 11: Condominium, Primary Asking Price .................................................................................. 15
Figure 12: Villa and Townhouse, Selling Prices on Land Area by District ............................................. 15
Figure 13: Villa and Townhouse, Transaction Volume by Quarter ......................................................... 15
Figure 14: Villa and Townhouse, New Launches by District.................................................................. 17
Figure 15: Serviced Apartment, Occupancy Rate ............................................................................... 17
Figure 16: Serviced Apartment, Average Asking Rent ......................................................................... 19
Figure 17: Industrial, Market Performance by District ......................................................................... 19
Figure 18: Industrial, Supply by District ..............................................................................................
LIST OF TABLES 7
Table 1: Macroeconomic Indicators of HCMC, Hanoi and Da Nang ....................................................... 8
Table 2: Significant Projects under expected completion in 2018......................................................... 9
Table 3: Significant Office Projects .................................................................................................... 11
Table 4: Retail, Significant Future Projects under Construction .......................................................... 12
Table 5: Significant Retail Projects .................................................................................................... 14
Table 6: Condominium, Significant new Projects launched in Q3 2017 ................................................ 16
Table 7: Villa and Townhouse, Significant new Projects launched in Q3 2017 ...................................... 17
Table 8: Serviced Apartment, Significant Future Projects under construction ..................................... 18
Table 9: Significant Serviced Apartment Projects ............................................................................... 19
Table 10: Industrial, Future Supply ..................................................................................................... 20
Table 11: Industrial, Market Overview ................................................................................................

HANOI MARKET OVERVIEW

Figure 19: Office, Average Asking Rent.................................................................................................... 21
Figure 20: Office, Occupancy Rate ......................................................................................................... 21
Figure 21: Retail, Rental Rates by Quater.................................................................................................. 23
Figure 22: Retail, Occupancy Rates by Quarter ........................................................................................23
Figure 23: Condominium, Sold Units and Absorption Rate by Segment......................................................25
Figure 24: Condominium, New Launches..................................................................................................25
Figure 25: Condominium, Sold Units by Segment..................................................................................... 25
Figure 26: Villa and Townhouse, Supply by Quarter, Hanoi....................................................................... 27
Figure 27: Secondary Price by District, completed units, Q-o-Q Changes ................................................ 27
Figure 28: Villa and Townhouse, Asking Price on Secondary Market ....................................................... 27
Figure 29: Serviced Apartment, Supply by Quarter................................................................................. 29
Figure 30: Serviced Apartment, Occupancy Rate .................................................................................... 29
Figure 31: Serviced Apartment, Average Asking Rent............................................................................... 29
Figure 32: Industrial, Market Performance by Distrtict ............................................................................ 31
Figure 33: Industrial, Supply by District .................................................................................................. 31
LIST OF TABLES
Table 12: Office, Future Supply.................................................................................................................21
Table 13: Significant CBD Office Projects ................................................................................................ 22
Table 14: Retail, Significant Future Supply ............................................................................................... 23
Table 15: Significant Retail Projects ........................................................................................................ 24
Table 16: Condominium, Significant New Projects Launched in Q3 2017................................................... 26
Table 17: Villa and Townhouse, Significant New Projects Launched in Q3 2017 ........................................ 28
Table 18: Significant Serviced Apartment Projects .................................................................................. 29
Table 19: Industrial, Future Supply ......................................................................................................... 31
Table 20: Hanoi Industrial Market Overview ............................................................................................ 32
.
DANANG MARKET OVERVIEW

Figure 34: Office, Market Performance as of Q3 2017 ............................................................................ 33
Figure 35: Office, Market Performance by Quarter .................................................................................. 33
Figure 36: Office, Supply by Grade .......................................................................................................... 33
Figure 37: Retail, Market Performance as of Q3 2017 .............................................................................. 35
Figure 38: Retail, Market Performance Comparision among Key Cities ..................................................... 35
Figure 39: Retail, Supply by District ........................................................................................................ 35
Figure 40: Condotel, Market Performance ............................................................................................... 37
Figure 41: Condotel, Supply by District ................................................................................................... 37
Figure 42: Condotel, Guaranteed Return by Project ................................................................................. 37
Figure 43: Villa, Market Performance ...................................................................................................... 39
Figure 44: Villa, Primary Supply by District .............................................................................................39
Figure 45: Villa, Buyer Profile ................................................................................................................. 39
LIST OF TABLES
Table 21: Significant Office Projects ....................................................................................................... 34
Table 22: Significant Retail Projects ...................................................................................................... 36
Table 23: Significant Condotel Projects ................................................................................................... 38
Table 24: Significant Villa Projects ..........................................................................................................40
LIST OF ABBREVIATIONS
ARR: Average Rental Rate CBD: Central Business District
CPI: Consumer Price Index GDP: Gross Domestic Product
GFA: Gross Floor Area GRDP: Gross Regional Domestic Product
LUR: Land Use Right IP: Industrial Park
NLA: Net Lettable Area Q-o-Q: Quarter on Quarter

Y-o-Y: Year on Year
VIETNAM QUARTERLY KNOWLEDGE REPORT
Q3 2017 | ECONOMIC OVERVIEW
VIETNAM
GDP 2017 forecast
Vietnams economy in the first 9 months of 2017 continued to maintain a strong momentum with an impressive growth
rate of 6.41% compared to the corresponding period last year. The 9 month growth rate is mainly contributed by the
strongest third quarter growth since 2011 with more than 7%, backed by solid expansion in the industrial, services and
export sectors. This strong growth eases pressure on Vietnam to meet a target of 6.7% economic expansion this year.
The agriculture-forestry-fishing sector continued to witness positive signs, achieving 2.78% of growth rate compared to
the same period last year. Main drivers of the economy, the industry and services sectors also performed well, posting a
growth rate of 7.17% and 7.25% y-o-y respectively. Generally, Vietnam is now tracking ahead of this year target with the
majority sectors are expected to remain steady over the rest of the year.
CPI
The first nine months of 2017 witnessed an increase of 3.79% y-o-y in the CPI mainly due to upward price adjustments of
healthcare and education services. Additionally, price hikes in the world crude oil price, fuel, iron and steel recently have
also contributed to the CPI growth. Apart from inflationary factors, the CPI was subdued by price deceleration coming from
food sector, particularly showing in the plunge of pork price due to oversupply. Average core inflation rate in the first 9
months rose by 1.45% y-o-y but there were signs of flattening out thanks to the efficient and stable monetary policy.
FDI
The first nine months of 2017 recorded 1,844 new foreign investment projects with total newly registered capital of USD14.6
billion, equivalent to an increase of 1.3% in the number of projects and 30.4% in the capital compared to the corresponding
period last year. Additionally, 878 already-registered projects adjusted their capital by USD6.8 billion, bringing total newly
registered and supplementary capital in the first nine months of 2017 to USD21.3 billion, showing an increase of 29.7%
y-o-y. Noticeably, Thanh Hoa province has emerged as a new attractive investment destination with the largest registered
capital out of 63 cities and provinces, posting at USD3.1 billion, accounting for 21.6% the total country-wide capital. By
country, Japan remained the dominant contributor with USD4.9 billion, making up of 33.7% of the total capital, followed by
Singapore and South Korea.
RETAIL SALES
Vietnams retail sales of goods and services in the first nine months of 2017 reached more than USD128.5 billion, edging up
by 10.5% compared to the same period last year. By sector, the retail sales of goods achieved USD96.2 billion, accounting
for 74.9% of the total sales and up 10.5% y-o-y. Retail sales of accommodation and catering services also represented an
impressive increase of 12% y-o-y, reaching approximately USD15.9 billion and constituting 12.4% of the total sales. For
tourism services, the figure was recorded at USD1.19 billion, making up 0.9% of the total sales, up 14.4% y-o-y. An estimated
USD15.1 billion in sales came into other services which accounted for 11.8% of the total sales and equivalent to an 8.9%
increase y-o-y.
INTERNATIONAL ARRIVALS
The first nine months of 2017 welcomed nearly 9.5 million international arrivals, showing an increase of 28.4% compared
to the same period last year. Passengers carried by air and by road recorded at 8.0 million and 1.2 million, up 31.2% and
19.1% y-o-y respectively, while the figure for sea showed a drop of 6.2% y-o-y, staying at 1.2 million. Guests from Asia
continued to dominate with 7.1 million, mainly from traditional markets such as China, South Korea and Japan. Inbound
tourists from Europe and America also witnessed positive signs with the growth rates of 19% and 10.7% y-o-y respectively.
Measures need to be efficiently taken for the purpose of luring international visitors to reach a target of 13 million arrivals
in the whole year.
TRADE BALANCE
An estimated USD500 million trade deficit was registered over the first nine month period. Export volume reached USD154
billion, up 19.8% compared to the same period last year. Both domestic and FDI economic sectors recorded remarkable
increases of 16.8% and 21%, reaching USD43.2 billion and USD110.8 billion, respectively. Import volume during the 9
month period was USD154.5 billion, up 23.1% y-o-y. The domestic and FDI economic sectors in import turnovers gained
USD7.25 billion and USD11.35 billion with the growth rates of 1.7% and 2.7% respectively.
Figure 1: Vietnam, Exports - Imports in 9M2017 Figure 2: International arrivals to Vietnam in 9M2017
Exports Imports Trade Balance International tourist arrivals Growth rate

200 12.0 40.0%
35.0%
10.0
30.0%
million arrivals
150
8.0 25.0%
20.0%
6.0
USD billion
100 15.0%
4.0 10.0%
50 5.0%
2.0
0.0%
0.0 -5.0%
0
2010 2011 2012 2013 2014 2015 2016 9M 2017
-50
Source: General Statistics Office | Colliers International Research Source: General Statistics Office | Colliers International Research
2017 Colliers International Research Page 6

Q3 2017 | ECONOMIC OVERVIEW
HO CHI MINH CITY Table 1: Marcoeconomic Indicators of HCMC, Hanoi and Danang
Continuing the steady growing trend of the first half of the year,
Q3 2017 HCMC Hanoi Danang
HCMCs economy in Q3 2017 maintained a healthy growth of GRDP
at 7.97% compared to the corresponding period last year, equal to GDP growth rate (%) 7.8 8.1 7.9
USD34.1 billion while CPI stood at 4.4%. Service industries and Index of Industry Product IIP (%) 7.84 6.7 10.8
the industrial and construction sector shared the same growth
rate of 7.7% y-o-y, followed by the Agriculture-forestry-fishery Retail Sales (USD billion) 29.7 17.8 2.69
sector with 6.2% y-o-y rate of expansion. Industrial production CPI (%) 3.7 3.79 0.62
index (IIP) of 9 months of the year increased by 7.84%. As of Q3
2017, the city recorded USD26.3 billion for export while import Source: General Statistics Office | Colliers International Research
turnovers reached USD31.6 billion which created a trade deficit
of USD5.3 billion. Compared to the same period last year 2016,
export and import were up by 15.7% and 16.9% respectively. Total
newly registered and supplementary FDI for the last nine months
achieved USD3.7 billion, in which there were 157 supplementary
projects, worth of USD686.7 million. The total retail sales up to the
review period of Q3 2017 was able to reach USD29.7 billion, an
increase of 10.82% in comparison to last year.
Figure 3: GDP Growth Rate of HCMC, Hanoi and Danang
HCMC Hanoi Danang
HANOI 14%
For the last nine months of 2017, Hanois economy continued to
grow positively with improvements recorded in most economic
indicators. Hanois noted CPI was up by 3.79% as compared to 12%
the same period last year. Nine month accumulated industrial
production index (IIP) increased by 6.7%. As for a resulted trade
deficit of USD13.4 billion, in Q3 2017, statistics records show that 10%
export turnovers made a sum of USD8.6 billion as well as import

turnovers finished 9 months of 2017 with USD21.95 billion. Such
8%
turnovers are equal to 8.7% and 22.6% respectively for export
and import. FDI admission of the city of both newly registered and
supplementary capital although reached USD2.16 billion, down 4% 6%
compared to the same period last year. The capital made a total of 2013 2014 2015 2016 Q3 2017
USD17.8 billion in retail sales over the last 9 months of 2017. Source: General Statistics Office | Colliers International Research
DANANG Figure 4: FDI of HCMC, Hanoi and Danang

The growing trend continued to spread across Da Nangs economy
for this Q3 2017, making the estimated GRDP for the first nine
FDI No. of projects
months of 2017 equal to a 7.9% growth y-o-y. According to the
latest statistics recorded, Industrial production index (IIP) of Da 4 180
Nang for the first nine months of 2017 rose by 10.8% compared to 3.5 160
the same period last year. Total retail sales of goods and services
3 140
achieved was estimated to reach USD2.69 billion while another
120
No. of projects
significant increase was recorded in export turnover with USD1.09 2.5

USD billion
billion, up 11.8% y-o-y. If Da Nang did not appear to be an appealing 100

2
and attractive investment destination a few years ago, this year 80
2017, over the first nine months of the year, Da Nang gained almost 1.5
60
USD62 million of FDI inflows, up 4 times compared to the same 1 40
period last year, from 73 authorised projects. Tourism sector in
0.5 20
specific, made a stable blast over the last nine months with the
total number of both domestic and international arrivals to Da Nang 0 0
reaching 5.1 million, up 23% y-o-y, in which the total number of HCMC Hanoi Danang
foreign tourists increased by almost 50%. Source: General Statistics Office | Colliers International Research

Q3 2017 | HO CHI MINH CITY | OFFICE
PERFORMANCE Figure 5: Office, Average Asking Rent

In Q3 2017, Ho Chi Minhs office market witnessed a significant
improvement in average net asking rent across both grades, Grade A Grade B
reaching USD26.9/sqm/month, up 10.1% q-o-q. Average net asking 50
rent of Grade A surged to USD44.7/sqm/month from USD40.5/ 45
sqm/month in the previous quarter, mostly due to extremely high 40
asking rates quoted by two newly launched Grade A buildings, 35
US D/s qm/month
Deutsches Haus and Saigon Center (phase 2) . Grade B average 30
net asking rent was relatively flat over the review period thanks to 25
20
stable supply, standing at USD21.6/sqm/month.
15
The citys office market enjoyed healthy occupancy rates for both
10
Grade A and Grade B, recording at 94.5% and 89.6% respectively.
5
Thanks to buoyant pre-leasing activity, newly launched prime
0
buildings such as Deutsches Haus and Saigon Center have been Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
filling up quickly, boosting net absorption rates and then resulting 2015 2016 2017
in a rise in the average occupancy rate across the city.
Source: Colliers International Research
SUPPLY
While Grade B supply remained unchanged, Grade A stock
Figure 6: Office, Occupancy Rate
added up more than 65,000sqm NLA from two prime buildings,
Saigon Center (phase 2) and Deutches Haus. The city currently
Grade A Grade B
has 13 Grade A buildings and 66 Grade B buildings, covering
100
approximately 1,203,500sqm net leasable area.
An estimated 117,250 sqm of new office space is likely to hit the 95
market in 2018, coming from notable projects such as Thaco-Sala

90
Residence, Etown Central and The Khai. These projects are
all located in the outlying districts and classified as Grade B. 85
%
The project Thaco-Sala Residence, an integrated, mixed use 80

development of office, retail and residential space, is a notable
project in Thu Thiem New Urban Area, District 2. Developed by the 75
joint venture of Dai Quang Minh and Truong Hai Auto Corporation, 70
the office component will provide approximately 78,000sqm of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Grade B office space to the market. Etown Central and The Khai, 2015 2016 2017
which are situated in District 4 and District 7 respectively, will

offer total approximately 39,250sqm. Source: Colliers International Research
DEMAND
As the countrys macroeconomic fundamentals remain stable,
demand for prime office space in the city is expected to
be sustainable. Additionally, according to Tholons Top 100 Table 2: Significant Projects under expected completion in 2018
Outsourcing Destinations Rankings 2016 report, Ho Chi Minh City
is in the top emerging outsourcing locations with 18th ranking all
over the world. Given the growing competitiveness of HCMC as Estimated
a destination for players in the business processing outsourcing Project name Location Grade
NLA
industry, multinational firms and tech companies, demand for
office space is forecasted to stay strong over the coming years.
Thaco-Sala Residence District 2 B 78,000
OUTLOOK Etown Central District 4 B 28,000

Despite high rents, many international companies in Ho Chi
Minh City prefer offices in quality office buildings that are not The Khai District 7 B 11,250
only convenient but also can reflect or help lift their corporate
image. Therefore, Grade A and high-quality buildings in prime Source: Colliers International Research
location will be more sought-after, given increasing number of

multinational companies in the city, resulting in rent acceleration
for these buildings in upcoming periods.
While efficient space, convenient accessibility, ample parking
spaces are considered as basic requirements of tenants, different
groups of tenants may have other specific requirements such as
retail facilities or close proximity to the customers. Developers,
therefore, need to identify their target tenants and their
requirements to deliver products that suit their needs. Due to
limited space availability and limited future stock, it is expected
for rents to rise.

Table 3: Significant Office Projects

Completion NLA Service Occupancy Average
No Name Address
Year (sqm) Charges (*) rate asking rent
1 Saigon Centre 65 Le Loi 1996 11,650 6.8 96.5% 43.1
2 Saigon Tower 29 Le Duan 1997 13,950 6.0 100% 45.2
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 99.2% 47.7
4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 93.1% 58.4
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 95.1% 41.0
6 mPlaza Saigon 39 Le Duan 2009 26,000 6.5 91.1% 53.3
7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 7.0 91.5% 43.2
8 President Place 93 Nguyen Du 2012 8,330 7.0 97.2% 36.0
9 Times Square 22-36 Nguyen Hue 2012 12,704 7.0 97.5% 53.3
10 Le Meridien 3C Ton Duc Thang 2013 9,125 6.0 98.6% 33.0
11 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 99.3% 38.0
12 Deutsches Haus 3-5 Le Van Huu Q3 2017 25,062 7.0 80% 55.0
Grade A (**) 212,655 6.8 94.5% 45.5
1 VTP-OSIC 8 Nguyen Hue 1993 6,500 6.0 100% 28.0
2 Yo Co Building 41 Nguyen Thi Minh Khai 1995 5,000 5.0 100% 23.0
3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai 1996 3,200 5.0 100% 22.0
4 Central Plaza 17 Le Duan 1997 7,405 6.0 98.1% 25.0
5 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 96.7% 28.3
6 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 100% 28.0
7 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 7.0 85% 31.0
8 MeLinh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 100% 36.0
9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 6.0 90% 25.0
10 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 97% 28.9
11 Opera View 161-167 Dong Khoi 2006 3,100 7.0 100% 27.0
12 City Light 45 Vo Thi Sau 2007 10,000 5.0 100% 19.0
13 Petro Tower 1-5 Le Duan 2007 13,304 6.5 97.9% 38.4
14 The Lancaster 22 22 Bis Le Thanh Ton 2007 7,000 5.0 100% 25.0
15 CJ Building 5 Le Thanh Ton 2008 14,000 6.5 99.3% 30.0
16 Ruby Tower 81-85 Ham Nghi 2008 15,000 6.5 100% 26.0
17 Havana Tower 132 Ham Nghi 2008 7,326 6.0 92.7% 29.3
18 Royal Center 235 Nguyen Van Cu 2008 14,320 6.0 95.7% 23.0
19 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 95.2% 27.0
20 TMS 172 Hai Ba Trung 2009 4,000 5.0 97.5% 30.0
21 A&B Tower 76 Le Lai 2010 17,120 6.5 100% 36.0
22 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.0 100% 28.0
23 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 95.8% 28.0
24 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 95.8% 22.9
25 Saigon Royal 91 Pasteur 2010 5,340 6.0 100% 23.0
26 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 97.2% 25.0
27 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 100% 27.0
28 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 100% 28.0
29 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 5.5 94.5% 24.0
30 Lim Tower 2 Vo Van Tan 2015 8,400 5.5 100% 24.0
Grade B 402,721 6.0 96.8% 27.56
(*) USD/sqm/month (NLA)

SAIGON SKYLINE REVIEW- CBD HCMC GRADE A OFFICE BUILDINGS
mPLAZA SAIGON DIAMOND PLAZA SAIGON LE MERIDIEN SAIGON TOWER DEUTSCHES HAUS THE METROPOLITAN PRESIDENT PLACE
39 Le Duan, District 1 34 Le Duan, District 1 3C Ton Duc Thang, District 1 29 Le Duan, District 1 3-5 Le Van Huu, District 1 235 Dong Khoi, District 1 93 Nguyen Du, District 1
26,000/1,402 15,936/2,200 9,125/NA 13,950/920 25,062/1,400 15,200/1,000 8,330/635-774
$ 53.30 $ 41.00 $ 33.00 $ 45.2 $ 55.00 $ 58.40 $ 36.00
$ 6.50 $ 8.00 $ 6.00 $ 6.00 $ 7.00 $ 6.00 $ 7.00
BITEXCO FINANCIAL TOWER VIETCOMBANK TOWER TIMES SQUARE SAIGON SAIGON CENTRE SUNWAH TOWER
45 Ngo Duc Ke, District 1 5 Me Linh Square, District 1 22-36 Nguyen Hue, District 1 65 Le Loi, District 1 115 Nguyen Hue, District 1
37,710/900-1,300 41,250/NA 12,704/1,450 11,650/ 1,073 20,800/1,166
$ 43.20 $ 38.00 $ 53.30 $ 43.10 $ 47.70
$ 7.00 $ 7.00 $ 7.00 $ 6.80 $ 6.00

Q3 2017 | HO CHI MINH CITY | RETAIL
PERFORMANCE Figure 7: Retail, Rental Rate by Years

The average net asking rents across all segments increased by
5.3% q-o-q, reaching to USD55.3/sqm/month. While shopping 70.0
malls and retail podiums increased their rents by 8% and 1%
60.0
respectively over the quarter, department stores softened their
rents by 1%, staying at USD63.7/sqm/month. 50.0
US D/sqm/month
The average occupancy rate remained stable at 93%. Among
the three segments, department stores recorded the highest 40.0
occupancy rate at 96%, followed by shopping malls at 93% and
30.0
retail podium at 92%.
20.0
10.0
-
SUPPLY
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
The total retail stock in Ho Chi Minh City remained unchanged
2015 2015 2016 2016 2016 2016 2017 2017 2017
with approximately 900,000sqm NLA from 67 projects. Small
and medium-sized shopping malls dominated the existing Source: Colliers International Research
supply, accounting for 77% of market share.
New supply until the rest of the year includes The Garden Mall in
Figure 8: Retail, Occupancy Rate by Years
District 5 and Su Van Hanh Mall in District 10. The Garden Mall
had soft launch in August 2017 with a number of active stores 100
and its grand opening would be in early November 2017. Su Van
Hanh Mall is under good construction schedule and is expected 98
to complete by the end of this year.
96
94
%
DEMAND 92
The grand opening of H&Ms very first store in Vietnam was
highly anticipated with thousands of young customers in early
90
September. Located at Vincom Center Dong Khoi, the over 2,000
sqm flagship store spans over two levels, houses a selection of
88
latest fashion and accessories for men, women, teenagers and
Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
kids. The positive response from Vietnamese customers for the
well-known international fashion brand implies growing retail Source: Colliers International Research
consumption in the local market which in turn will stimulate

leasing demand for retail assets. Table 4: Retail, Significant Future Projects Under Construction
Expected
Project name District NLA (sqm)
Completion
OUTLOOK
The Garden Mall 5 30,000 Q4 2017
The supply pipeline will grow bigger in 2018 with significant
expected completions such as The Spirit of Saigon or Vincom Su Van Hanh Mall 10 96,152 Q4 2017
Landmark 81. Rising population and large land availability
Union Square 1 48,000 2018
are key drivers of future large-scale retail developments in
non-urban districts. Given the rapid expansion of both local Vincom Landmark 81 Binh Thanh 59,000 2018
and international retailers, rental rates and occupancy rates will
Crescent Mall Phase 2 7 18,000 2018
follow upward trend in upcoming years.
Estella Place 2 32,500 2018
The Spirit of Saigon 1 35,000 2019


Q3 2017 | HO CHI MINH CITY | RETAIL
Table3:5:Significant
Table SignificantOffice
Retail Projects
Projects
Completion NLA Occupancy
No Name of Project/Building Address Location ARR (*)
Year (sq m) Rate
1 Sheraton Saigon 88 Dong Khoi District 1 2003 750 125 100%
2 The Manor 1 91 Nguyen Huu Canh Binh Thanh 2006 2,000 22 100%
3 Opera View Lam Son Square District 1 2006 1,260 54 100%
4 Caravelle Hotel 19 Lam Son Square District 1 2007 150 105 100%
5 New World Hotel 76 Le Lai Street District 1 2009 1,000 92 100%
6 Hotel Continental Sai Gon 132-134 Dong Khoi District 1 2009 200 90 100%
7 Centre Point 106 Nguyen Van Troi Phu Nhuan 2009 2,000 22 93%
8 mPlaza Saigon 35 Le Duan District 1 2009 6,830 60 98%
9 Saigon Pearl 92 Nguyen Huu Canh Binh Thanh 2011 5,000 27 88%
10 The Manor 2 91 Nguyen Huu Canh Binh Thanh 2011 2,500 22 100%
11 The Oxygen Mall An Phu Ward District 2 2011 5,000 30 90%
12 Rex Arcade 141 Nguyen Hue District 1 2011 2,000 130 100%
13 ICON 68 @ BFT 45 Ngo Duc Ke District 1 2011 8,000 90 95%
14 Saigon Airport Plaza 1 Bach Dang, Ward 2 Tan Binh 2013 7,623 22 92%
15 Imperia An Phu An Phu Ward District 2 2013 2,940 15 100%
16 President Place 93 Nguyen Du District 1 2013 800 42 98%
17 Times Square 22-36 Nguyen Hue District 1 2013 9,000 300 100%
18 Sunrise City - phase 1 23-25-27 Nguyen Huu Tho District 7 2014 3,500 35 100%
19 Pearl Center 12 Quoc Huong District 2 2015 24,000 32 81%
Retail Podium 83,130 71.1 92%
1 Diamond Plaza 34 Le Duan District 1 1999 9,000 166 100%
2 Parkson Saigontourist Plaza 35 Le Thanh Ton Street District 1 2002 17,000 90 98%
3 Parkson Hung Vuong Plaza 126 Hung Vuong Street District 5 2007 24,000 62 98%
4 Parkson C.T. Plaza Tan Son Nhat, Truong Son Tan Binh 2008 12,235 41 96%
5 Parkson Flemington Le Dai Hanh District 11 2010 26,000 37 92%
6 Parkson Cantavil Premier Cantavil Premier District 2 2013 17,815 33 96%
7 RomeA 117 Nguyen Dinh Chieu District 3 2017 12,000 80 80%
Department Store 118,050 63.7 96%
1 Saigon Center 35 Nam Ky Khoi Nghia District 1 1996 47,000 120 99%
2 Zen Plaza 54-56 Nguyen Trai District 1 2001 11,528 19 87%
Superbowl Vietnam TSN A43 Truong Son Tan Binh 2002 5,500 24 89%
An Dong Plaza 18 An Duong Vuong District 5 2004 18,000 - 92%
Saigon Square 1 77-89 Nam Ky Khoi Nghia District 1 2006 1,300 - 100%
Lotte Mart Saigon South 469 Nguyen Huu Tho District 7 2008 24,000 40 99%
Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 102 93%
3 Vincom Plaza 3/2 3C Ba Thang Hai District 10 2010 25,000 42 95%
Lotte Mart Phu Tho 968 Ba Thang Hai District 11 2010 24,500 40 99%
4 Crescent Mall 101 Ton Dat Tien District 7 2011 45,000 44 85%
10 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 - 100%
12 Satra Pham Hung C6/27 Pham Hung District 8 2011 11,528 19 87%
Union Square 171 Dong Khoi District 1 2012 38,000 Under renovation
Shopping Centre 292,645 62.8 94%
(*) ARR (Average Rental Rate): All rents are stated in net rents per sqm, inclusive service charge but exculding VAT

Q3 2017 | HO CHI MINH CITY | CONDOMINIUM
PERFORMANCE Figure 9: Condominium, New Launches by Segment and Quarter

The number of sold units decreased by 24% q-o-q with more Luxury High-end Mid-end Affordable
than 7,000 successful transactions in the review quarter due
16000
to limited new supply. The mid-end segment accounted for the
14000
largest proportion of sold units, equivalent to approximately
3,800 units. The high-end and affordable segment achieved 12000
29% and 18% of total sold units respectively. 10000
units
8000
The average primary price followed the downward trend,
6000
dropping by 3% q-o-q as many newly launched projects are
4000
of mid-end and affordable segments. While the high-end and
affordable price increased by 5% and 2% q-o-q, the mid-end 2000
products softened their price by 3% q-o-q. 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2015 2016 2017
SUPPLY
Due to the effects of ghost month, newly launched projects Figure 10: Condominium, Sold Units by Segment and Quarter
remarkably dropped by 19% q-o-q with approximately 7,700
units. The mid-end and affordable segment continued to take Luxury High-end Mid-end Affordable
the largest proportion in the new supply at 77%, followed by the 14,000
high-end at 23% of total supply. 12,000

In terms of location, the south of the city became the largest
10,000
supplier in this quarter with notable projects such as Lavida
Plus, River Panorama, Topaz Elite. Significant infrastructure 8,000
units
development has driven the booming of residential projects in

6,000
the east and the south in recent years.
4,000
2,000
DEMAND 0
The city government has taken several initiatives to ramp up its
2014 2015 2016 2017
infrastructure improvements. Amongst these, the planned and
under-construction metro lines are expected to bring positive
impacts to the real estate market. The lines will create new
travelling routes, change transporting behavior from private Figure 11: Condominium, Primary Asking Price
vehicles to public transportation and create new development Luxury High-end Mid-end Affordable
opportunities to areas near the lines. Demand for condominium
projects in close proximity to these infrastructure networks will 4500
see high demand in coming years. 4000

3500
OUTLOOK 3000
The supply pipeline will continue to grow with more than 50,000
US D/sqm
2500
units coming online in the next two years. More developers are 2000
shifting their focus to lower-end segments where having strong 1500
demand from end-users. Buyers will put more emphasis on 1000
finishing quality, supporting facilities and amenities as well as
500
surrounding environment when choosing their homes.
0
2014 2015 2016 2017
2017 Colliers International Research AcceleratingPage

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Q3 2017 | HO CHI MINH CITY | CONDOMINIUM
Table 6: Condominium, Significant new projects launched in Q3 2017

Completion Number Asking Price
No Name of Project/Building Developer Location
Year of units (US$/sqm)
1 Masteri An Phu Thao Dien Investment District 2 2018 900 1,718
An Gia Investment and
2 River Panorama phase 2 District 7 2018 300 1,542
Creed Group
3 Garden Bay An Gia Investment District 7 2018 300 1,542
4 Tara Residence Song Ngoc Garment Co., Ltd District 8 2018 989 878
5 Waterina Suites Maeda-Thien Duc District 2 2019 86 2,644
6 Lavida Plus-Block A Quoc Cuong Gia Lai District 7 2019 380 1,419
7 Topaz Elite- Phoenix 1&2 Van Thai Land District 8 2019 1,003 969
8 HausNeo Ezland District 9 2019 568 990
9 Jamila- Block B Khang Dien District 9 2019 467 1,128
10 Saigon Intela LDG Binh Chanh 2019 1,068 793
11 Osimi Tower ANI Go Vap 2019 384 1,058
Kepple Land, Gaw Capital-
12 Tilia Residence District 2 2020 472 3,500
Tien Phuoc, Tran Thai
13 Lavita Charm Thuan Thanh Phat Thu Duc 2020 939 1,146
* Excluding all kinds of tax and promotions

The information is updated as at the end of Q3 2017

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Q3 2017 | HO CHI MINH CITY | VILLA & TOWNHOUSE
PERFORMANCE Figure 12: Villa&Townhouses, Selling Price on Land Area by District

Successful transactions were down 30% q-o-q with more than
500 sold dwellings as buyers were cautious to close deals District 7 District 9 District 2 Others
during the ghost month of August. The absorption rate is 5000

forecasted to be improved in the last quarter of the year on the
back of positive market sentiment. 4000
New launches offer different price set to cater for various types
of customers. On the primary market, the asking price was up 3000
U SD/sq m
10% q-o-q. For some highly sought-after locations, the resell
price can increase up to 30%. 2000
1000
0
SUPPLY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
New launches consisted of 5 projects with more than 500 2014 2015 2016 2017
dwellings, down 13% compared to the previous quarter. The Source: Colliers International Research
majority of new stock are of small to medium-scale and
developed by local developers. Rosita Garden by Khang Dien Figure 13: Villa&Townhouse, Transaction Volume by Quarter
and Sim City Premier by Nhat Hoang are two notable projects 1400
which achieved good absorption rates during its initial launches.
The East continued to witness the expansion of landed 1200
properties in this quarter, accounting for 73% of total new
1000
supply. Townhouses have dominated the landed properties
in the last two years and their products in suburban districts 800
dwellings
typically target middle-income buyers.

600
400
200
0
DEMAND
Q1 2014
Q1 2015
Q1 2016
Q1 2017
Q3 2014
Q3 2015
Q3 2016
Q3 2017
Q4 2014
Q4 2015
Q4 2016
Q2 2017
Q2 2014
Q2 2015
Q2 2016
Being an economic center of Vietnam, Ho Chi Minh City has
seen a surge in population in the last decade, from 6.5 million in Source: Colliers International Research
2006 to 8.3 million in 2016. Due to the rapid growth of HCMCs
economy which leads to high demand for large numbers of Figure 14: Villa and Townhouse, New launches by Districts
semi-skilled workers, many people from other provinces are
working and living in HCMC without registering with the local
Di s trict 7
government. Therefore, the actual number of population is Bi nh Tan 13%
believed to be in excess of the official figures. The growing 14%
population is a key demand driver of landed properties.
Di s trict 12
9%
OUTLOOK
It is expected that more than 10,000 dwellings to be added to the
supply pipeline in the next two years. The eastern area including
District 2, District 9 and Thu Duc District will maintain its Di s trict 9
64%
reputation as the key supplier of villa and townhouse products
thanks to improving infrastructure and large greenfield sites.
The primary sale price will follow upward trend in the midst of
solid demand from both end-users and investors.

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Q3 2017 | HO CHI MINH CITY | VILLA & TOWNHOUSE
Table 7: Villa and Townhouse, Significant new projects launched in Q3 2017

No Name of Project Developer Location
1 Van Xuan Dat Viet Van Xuan Group Binh Tan 2017 72 2,300
2 Citadel Trung Thuy Group District 7 2018 68 3,300
3 Rosita Garden Khang Dien District 9 2018 118 1,805
Dien Thuan Real Estate and
4 Dien Thuan Star Hill District 12 2018 50 1,750
Construction Co., Ltd
5 SimCity Premier Nhat Hoang District 9 2019 800 1,460


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Q3 2017 | HO CHI MINH CITY | SERVICED APARTMENT
PERFORMANCE
Figure 15: Serviced Apartment, Occupancy Rate
HCMCs serviced apartment market recorded a quiet quarter
with no significant changes recorded in occupancy rates
Grade A Grade B
and asking rents across all grades. For Grade A, while some
100
landlords raised their asking rents thanks to their quality
and amenity upgrade, others tended to soften their prices to 95
attract more customers, resulting in rent stability with minor
adjustments against the last quarter, staying at USD39.3/ 90
sqm/month. Similarly, Grade B average asking rent remained
85
%
relatively stable compared to the previous quarter, at USD29.9/
sqm/month. 80
Overall, the average occupancy rate in HCMCs serviced
75
apartment market recorded a slight decrease in Q3 2017 due to
weak performance of some mature projects. By segment, Grade 70
As average occupancy rate remained stable at 91%, while Grade Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Bs average occupancy rate decreased by 2ppts q-o-q, staying 2015 2016 2017
at only 83%.
SUPPLY Figure 16: Serviced Apartment, Average Asking Rent

Q3 2017 recorded no new supply coming onboard, making
total existing supply of serviced apartment in HCMC keep
Grade A Grade B
stable compared to the previous quarter. 39 existing projects
45
of Grade A and Grade B are offering more than 3,900 rooms
40
to the market with dominant contribution of more than 2,900
units from Grade B, accounting for approximately 75%. District 35
1 is home of all Grade A serviced apartments, while Grade B is 30

USD/sqm/month
sparsely located in both the CBD and outlying districts. 25
20
DEMAND 15
The demand for serviced apartments in Ho Chi Minh City 10
has grown dramatically over the last several years, fuelled by
5
improving product knowledge, understanding of benefits of
0
serviced apartment among corporations and arrivals of major Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
brands into the market. Besides local operators, international
2015 2016 2017
brands are rushing to cash in on this segment due to its
lucrative return on investment. With the combination between Source: Colliers International Research
all the comforts of home and the amenities of a five-star hotel,
international brands offer alternatives for modern business
executives by eliciting their demand for experience and luxury.
Table 8: Serviced apartment, Significant Future Projects under construction

OUTLOOK
An estimated 1,280 units of future serviced apartment supply Total Expected
Project name District
units Completion
is scheduled to come onboard by 2018 with some notable
projects from prestigious international brands such as Ascott
Saigon Center (phase 2) 7 200 Q3 2017
and Oakwood. In the context of rising prevailing of serviced
apartments, hotel operators are increasingly seeking to include Oakwood Residence Saigon &
2 480 Q4 2017
Richlane Residence
serviced apartments as part of their offerings. One bed-room
and studio apartments are likely to be sought-after since Berkley Serviced Residence 2 85 Q4 2017
more companies are tending to cut their budget on long-term Ascott Waterfront 1 222 Q3 2018
assignments and relocations due to the recent slowdown in the
global economy. Also, serviced apartments are more preferred Terra Royal 3 300 Q4 2018
by investors thanks to its high profit margins, stable cash Source: Colliers International Research
flow, and high space efficiency, which provide investors more
flexibility in their hospitality property investment.

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Q3 2017 | HO CHI MINH CITY | SERVICED APARTMENT
Table 9: Significant Serviced Apartment Projects

Completion Total Average ARR(*)
No. Project Name Address Location
Year Room Occupancy (**)
1 The Landmark 5B Ton Duc Thang District 1 1995 65 90.0% 32.0

2 Sedona Suites 65 Le Loi District 1 1996 89 98.0% 34.0
3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 90.0% 32.0
4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 95.0% 30.0
5 The Lancaster 22-22 Bis Le Thanh Ton District 1 2007 55 80.0% 40.0
6 Intercontinental Asian Saigon 39 Le Duan District 1 2009 260 98% 39.0
7 Norfork Mainsion 17-21 Ly Tu Trong District 1 1998 126 91.0% 30.0
8 Lafayette De Saigon 8 Phung Khac Khoan District 1 2010 18 100% 30.0
9 Diamond Plaza 34 Le Duan District 1 1999 42 90.0% 29.0
10 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 85.0% 34.0
Grade A 1,022 91.9% 34.2
1 Sherwood Residence 127 Pasteur District 3 2007 240 80.0% 40.0

2 Ben Thanh Luxury 172-174 Ky Con District 1 2010 88 90.0% 20.0
3 Vincom Center 45A Ly Tu Trong District 1 2010 60 50.0% 20.0
4 Nikko Saigon 235 Nguyen Van Cu District 1 2011 53 85.0% 34.0
5 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 84.0% 37.0
6 Spring Court 1 Bis Phung Khac Khoan District 1 2011 14 70.0% 21.0
Binh
7 Saigon Domaine 1057 Xo Viet Nghe Tinh 2001 45 60.0% 17.0
Thanh
8 An Phu Superior Compound 43 Thao Dien District 2 2011 68 100.0% 22.4
9 Poonsa 3 Vo Van Tan District 3 2017 30 85.0% 31.0
10 Ibis Saigon Airport 2 Hong Ha Tan Binh 2017 20 90.0% 22.0
Grade B 635 80.1% 29.8
(*) USD/sqm/month
(**) ARR (Average Rental Rate): All rents are stated in gross rents per sqm, not including VAT and serviced charge

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VIETNAM
VIETNAMQUARTERLY
QUARTERLYKNOWLEDGE
KNOWLEDGEREPORT
REPORT
Q3 2017 | HO CHI MINH CITY | INDUSTRIAL
PERFORMANCE
Figure 17: Industrial, Market Performance by District
The third quarter of 2017 recorded a significant rent acceleration
of more than 19% q-o-q for industrial space in Ho Chi Minh City, Average asking rent Occupancy rate
staying at USD141/sqm/term due to limited new supply and
300 100%
increasing demand from manufacturing sector. This figure is
90%
estimated two times higher than that of neighboring provinces 250
80%
such as Long An, Dong Nai and Binh Duong owning to the
70%
citys well-established infrastructure and limited land bank. 200
US D/s qm/term
60%
District 7 with Tan Thuan Export Processing Zone remained its
150 50%
highest asking rent of USD260/sqm/term, followed by Binh Tan
40%
(USD240/sqm/term) and Tan Phu (USD235/sqm/term), whist 100
30%
Cu Chi was reported to have the lowest rent of only 74USD/
20%
sqm/term. Average Land Use Right term for all industrial zones 50
10%
was 35.8 years.
0 0%
Average occupancy rate of 20 existing industrial parks in the
District 9 District 12 Cu Chi Binh Tan Binh Nha Be District 7 Tan Phu District 2 Thu Duc
review quarter recorded at 71.4%. Seven industrial zones was Chanh
fully occupied, namely Linh Trung 1, Linh Trung 2, Binh Chieu,
Tan Binh, Le Minh Xuan, Cat Lai and Tan Thoi Hiep. Average Source: Colliers International Research
rent for ready-built factories across all IPs was USD2.5/sqm/

month, but USD5-6/sqm/month can be charged in some notable
industrial parks.
Figure 18: Industrial, Supply by District
SUPPLY
Binh Chanh
HCMCs industrial market recorded no new supply coming on Others 19%
line in the review quarter. The existing stock remained stable 24%
compared to the previous quarter with 20 operating IPs,
covering approximately 3,024 hectares of NLA. With the market District 9
share of nearly 29%, Cu Chi District is the dominant industrial 10%
supplier with 863 hectares. Binh Chanh and Nha Be Districts
registered as the second largest contributors with the market
share of more than 18% each. District 12 recorded the smallest Nha Be
Cu Chi
proportion of a mere 0.65%, covering 19.8 hectares. 29% 19%
DEMAND
Based on the Global Competitiveness Report 2017-2018 Source: Colliers International Research
supplied by the World Economic Forum (WEF) recently, Vietnam
has shown improvement of 5 spots in the global competitive-
ness, ranking 55th from 60th in 2016 out of 137 countries
in 2017. Foreign investors, particularly those from Asia have
been proactively responding to this positive trend, resulting in Table 10: Industrial, Future Supply
the expected rise of FDI in the coming periods. Additionally,
manufacturing activities still appear to be increasing steadily in GFA
Industrial Park Name District
the country as of the third quarter of 2017, which requires more (ha)
industrial facilities and further underpin demand for industrial
Le Minh Xuan Industrial Park - phase 2 Binh Chanh 338
real estate.
Le Minh Xuan Industrial Park - phase 3 Binh Chanh 242
Vinh Loc I - phase 2 Binh Chanh 56

OUTLOOK
Looking forward, the outlook for HCMCs industrial property Vinh Loc I - phase 3 Binh Chanh 200
market is believed to remain positive on the back of the
macro-economic resilience, improvement in the countrys com- Vinh Loc Industrial Park III Binh Chanh 210.3
petitiveness, rising FDI inflows and expansion of production in Tay Bac Cu Chi Industrial Park - phase 2 Cu Chi 173
preparation for some ongoing FTAs. The city is expected to
welcome more than 2,300 hectares of future industrial space Hiep Phuoc Industrial Park - phase 3 Nha Be 1,000
in the next several years, focusing on high-tech industries,
Phong Phu Industrial Park Binh Chanh 148.4
especially mechanical engineering, electronics and chemistry.
Rents and occupancy rates will likely to improve in the coming Source: Colliers International Research
quarters as rising construction prices will moderate generation
of new supply, even with rising economic growth.

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Q3 2017 | HO CHI MINH CITY | INDUSTRIAL
Table3:11:
Table HCMC Industrial
Significant Market Overview
Office Projects
Asking Rent
Distance to Total Area Total leasable
No Name of Industrial Park Location (US$/sqm/ Occupancy LUR Term
CBD (km) (ha) area (ha)
term)
1 Cat Lai Industrial Park (Cluster II) District 2 21 137 87 90 100% 2061
2 Tan Thuan Export Processing Zone District 7 6.4 300 204 260 81% 2041
3 Saigon Hi-tech Park P1 District 9 15 300 300 180 95% 2052
4 Tan Thoi Hiep District 12 16 28 20 144 100% 2049
5 Tan Binh Industrial Park(P1+2) Tan Phu 11 129 100 235 100% 2047
6 Vinh Loc Industrial Park Binh Chanh 15 203 131 250 95% 2047
7 Le Minh Xuan Industrial Park Binh Chanh 20 100 66 120 100% 2047
8 An Ha Industrial Park Binh Chanh 23 124 124 69 30% 2058
9 Le Minh Xuan III Binh Chanh 26 300 231 141 61% 2064
10 Binh Chieu Industrial Park Thu Duc 16 27 27 150 100% 2046
11 Linh Trung 2 Export Processing Zone Thu Duc 17 62 44 60 100% 2050
12 Linh Trung 1 Export Processing Zone Thu Duc 18 62 46 60 100% 2042
13 Tan Tao Industrial Park 1 Binh Tan 17 161 97 240 97% 2047
14 Tan Tao Industrial Park 2 Binh Tan 17 183 116 240 78% 2050
15 Hiep Phuoc Industrial Park 1 Nha Be 21 311 224 140 100% 2048
16 Hiep Phuoc Industrial Park 2 Nha Be 22 597 345 140 31% 2058
17 Dong Nam Industrial Park Cu Chi 30 343 287 63 69% 2058
18 Tay Bac Cu Chi Industrial Park Cu Chi 36.5 208 150 80 97% 2048
19 Tan Phu Trung Industrial Park Cu Chi 37 543 359 80 30% 2054
Automotive-Mechanical (Hoa Phu)
20 Cu Chi 40 99 67 80 83% 2057
Industrial park
Total 4,216.5 3,025 141 71.4%

Q3 2017 | HANOI | OFFICE
PERFORMANCE
Figure 19: Office, Average Asking Rent
The third quarter of 2017 recorded no significant changes in
rents across both grades compared to the corresponding period Grade A Grade B
last year owning to stable supply. Average net asking rents of 35
Grade A remained generally stable, standing at USD28.8/sqm/

30
month and Grade Bs rents marginally declined by 0.2% q-o-q,
at USD17.9/sqm/month. 25
Signs of recovery in Hanois office market were shown in the
USD/sqm/month
20
review quarter with improved average occupancy rate recorded.
More specifically, while Grade As occupancy rate remained 15
healthy at 84%, Grade B experienced a steady rise of 1.5 ppts 10

q-o-q, staying at 78.7%.
5
0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017
SUPPLY Source: Colliers International Research

The review quarter recorded no new supply entering the
market across all grades. Currently, Hanoi has approximately
Figure 20: Office, Occupancy Rate
410,000sqm NLA of Grade A and 802,300sqm NLA of Grade B
office buildings. Dong Da and Ba Dinh Districts are becoming
Grade A Grade B
the citys office hubs thanks to well-established infrastructure
100%
and close proximity to the CBD. A strong pipeline with
205,000sqm is expected to coming on line by the end of 2020, 95%
mainly concentrated in Mid-town and the West due to large land
bank in these areas. 90%
85%
80%
DEMAND
75%
Demand for office space in Hanoi is projected to rise significantly
as business environment is improving and more foreign 70%
enterprises are penetrating this market. Additionally, growth Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015 2016 2017
in information technology, finance, insurance, pharmaceutical,
science and fast-moving consumer goods sectors will also fuel Source: Colliers International Research
office-for-lease market.
Noticeably, the review quarter witnessed the return of interest
Table 12: Office, Future Suppy
in the CBD with high level of enquiries. Thanks to its favorable
location, close proximity to key commercial hubs and more
NLA Expected
reasonable asking prices compared to previous years, the CBD Project name Grade
(sqm) completion
is forecasted to still draw attention from tenants in the next
coming periods. Comatce Tower B 43,100 Q4 2017
Eurowindow Building B 16,592 Q4 2017
DSD Building B 6,860 Q4 2017
FLC Twin Tower B 35,960 Q2 2018
OUTLOOK
Due to limited amount of new office space in prime location, Vinacomin Tower B 103,100 Q4 2018
buildings with favorable sites are forecasted to maintain good Source: Colliers International Research
performance. On the other hand, ample supply of future building
in outskirt districts will lead to fierce competition in these
areas. Building owners in outlying districts are more likely to
offer contracts with flexible terms to attract tenants, putting
continuously downward pressure on the asking rents over the
upcoming periods.

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Q3 2017 | HANOI | OFFICE
Table 13: Significant CBD Office Projects

Service Average
No Name Address Charges asking rent
Year (sqm) rate
(*) (**)
1 Central Building 31 Hai Ba Trung 1995 3,653 9.0 100% 33.0
2 International Centre 17 Ngo Quyen 1995 6,500 - 90% 24.0
3 Hanoi Tower 49 Hai Ba Trung 1997 9,000 7.0 100% 27.0
4 63 Ly Thai To Building 63 Ly Thai To 1998 6,753 included 100% 47.0
5 Sun Red River Building 23 Phan Chu Trinh 1999 13,459 7.0 75% 28.0
6 Vietcombank Tower 198 Tran Quang Khai 2000 19,563 included 100% 29.0
7 Opera Business Centre 60 Ly Thai To 2007 3,787 included 85% 24.0
8 Pacific Palace 83B Ly Thuong Kiet 2007 16,600 7.0 91% 29.0
9 Asia Tower 2 Nha Tho 2007 3,100 7.7 77% 35.0
10 Sun City Building 13 Hai Ba Trung 2007 6,400 - 100% 45.0
11 BIDV Tower 194 Tran Quang Khai 2010 10,120 7.0 95% 30.0
12 Sentinel Place Hang Da 2010 8,000 8.5 95% 45.0
13 Corner Stone 16 Phan Chu Trinh 2013 26,500 7.0 98% 30.0
14 Hong Ha Center 25 Ly Thuong Kiet 2013 11,000 5.0 100% 19.0
Grade A 144,435 7.0 94.3% 30.6
1 Tungshing Square 2 Ngo Quyen 1996 8,306 5.7 89% 20
2 Melia Hotel 44B Ly Thuong Kiet 1997 8,500 - 89% 38.0
3 Prime Centre 53 Quang Trung 1998 7,600 - 100% 27.0
4 VIB Hai Ba Trung 59 Quang Trung 2006 3,000 - 68% 16.0
5 Capital Tower 109 Tran Hung Dao 2010 21,089 7.0 87% 24.0
6 Hanoi Tourist Building 18 Ly Thuong Kiet 2010 7,600 - 100% 24.0
7 Capital Building 72 Tran Hung Dao 2013 5,800 - 100% 25.0
8 Coalimex Building 33 Trang Thi 2013 5,071 5.0 79% 18.0
9 VID Building 115 Tran Hung Dao 2013 4,930 - 89% 23.0
10 Artex Port 31-33 Ngo Quyen 2014 4,725 - 100% 23.0
Grade B 76,621 6.0 90.7% 24.6

Q3 2017 | HANOI | RETAIL
PERFORMANCE
Table 3: Significant Office Projects Figure 21: Retail, Rental Rates by Quarter
The average net asking rents across all segments increased by
2.3% q-o-q, staying at USD33.5/sqm/month. While shopping 45.0
malls recorded a rental growth of 4% q-o-q, reaching USD35.1/ 40.0
sqm/month, retail podiums and department stores lowered their
35.0
rates by 7% and 3% over the quarter, maintaining at USD24.7/
30.0
US D/sqm/month
sqm/month and USD33.8/sqm/month respectively.
The average occupancy rate improved by 6ppts, staying at 25.0
89%. Among the three segments, shopping malls recorded the
20.0
strongest improvement of 7ppts, reaching to 87%. Department
stores occupancy rates also had impressive rise to 95% while 15.0
that of retail podiums experienced a slight increase of 1ppts 10.0
q-o-q, reaching to 90%. 5.0
-
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015 2015 Research
Source: Colliers International 2016 2016 2016 2016 2017 2017 2017
SUPPLY Figure 22: Retail, Occupancy Rates by Quarter

In Q3 2017, total retail stock remained unchanged with
90
approximately 869,632qm NLA from 52 projects. Shopping malls
88
dominate the supply, accounting for 76% of total stock, providing
86
664,290sqm NLA from 20 projects. Although retail podiums
in mixed-use developments have become more popular, their 84
total net leasing area is small at 127,295sqm from 28 projects. 82

Department stores have the most modest leasing space of 80
%
78,047sqm from only 4 projects. While the CBD is a prime 78

location for both local and international luxury fashion, suburban 76
districts are led by supermarkets, fast-fashion brands, F&B and 74
entertainment services. 72
70
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
DEMAND 2015 2015 2016 2016 2016 2016 2017 2017 2017
There has been a demographic shift towards the younger and
middle class population, with higher disposable income and
stronger purchasing power driving the expansion of retail sales
in the capital city. In addition, the growing urban population has Table 14: Retail, Significant Future Projects
fueled strong retail consumption and attracts both international
and domestic retailers to the city. Hanoi will see more new Expected
Project Name District GFA (sqm)
entrants penetrating into its local market in the next few years completion
which represents potential growth for retail assets. Discovery Complex Cau Giay 38,000 Q4 2017
FLC Twin Towers Cau Giay 25,000 Q1 2018
Vinhomes D'Capital Cau Giay 45,477 Q4 2018

OUTLOOK
Hanoi will witness an abundant supply in the next 3 years with Aeon Mall Ha Dong Ha Dong 200,000 Q4 2019
approximately 920,000sqm GFA from 25 projects entering the Lotte Ciputra Mall Tay Ho 200,000 2020
market. There are a number of developments which are under
construction, or being proposed, which include quality retail
facilities that will provide more shopping centres over the coming
years. It is anticipated that large supply will put pressure on rental
rates and occupancy rates but the overall long-term outlook for
the retail market is optimistic on the back of improved economic
situations and positive demographic shift.

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Q3 2017 | HANOI | RETAIL
Table 15: Significant Retail Projects

Name of Project / Completion NLA Occupancy
No Address Location ARR (*)
Building Year (sq m) Rate
1 Central Building 31 Hai Ba Trung Hoan Kiem 1995 550 75 100%
2 Hanoi Tower 49 Hai Ba Trung Hoan Kiem 1997 2,515 55 100%
3 63 Ly Thai To Building 63 Ly Thai To Hoan Kiem 1998 650 170 95%
4 ICC Building 71 Nguyen Chi Thanh Dong Da 2006 2,900 16 100%
5 Pacific Place 83b Ly Thuong Kiet Hoan Kiem 2007 2,300 67 100%
6 Opera Business Center 6b Trang Tien Hoan Kiem 2007 370 120 100%
7 Asia Tower 6 Pho Nha Tho Hoan Kiem 2008 300 107 100%
8 Sentinel Place 41A Ly Thai To Hoan Kiem 2010 700 45 100%
9 Sky City Tower 88 Lang Ha Dong Da 2010 5,400 65 100%
10 The Lancaster Hanoi 20 Nui Truc Ba Dinh 2013 3,123 37 93%
11 Madarin Garden Residential 1 Hoang Minh Giam Cau Giay 2013 11,000 25 98%
1 Vincom Center Ba Trieu - Tower A&B 191 Ba Trieu Hai Ba Trung 2004 17,700 93 80%
2 Vincom Center Ba Trieu - Tower C 191 Ba Trieu Hai Ba Trung 2004 10,974 80 99%
3 Ruby Plaza 44 Le Ngoc Han Hai Ba Trung 2007 2,400 35 100%
4 Syrena 51B Xuan Dieu Tay Ho 2008 4,153 33 99%
5 Trang Tien Plaza 24 Hai Ba Trung Hoan Kiem 2008 12,000 150 70%
6 Savico MegaMall 7-9 Nguyen Van Linh Long Bien 2011 43,500 25 96%
7 Vincom Center Long Bien KDT Vincom Long Bien 2012 29,000 25 83%
8 Indochina Plaza Hanoi 241 Xuan Thuy Cau Giay 2012 17,000 30 71%
9 Vincom Mega Mall - Royal City 72A Nguyen Trai Thanh Xuan 2013 181,317 35 70%
10 Vincom Mega Mall - Times City 458 Minh Khai Hai Ba Trung 2014 83,950 30 93%
11 Aeon Mall Long Bien 2 Co Linh Long Bien 2015 72,000 - 100%
12 Vincom Nguyen Chi Thanh 54A Nguyen Chi Thanh Dong Da 2015 65,328 65 98%
1 The Garden (Bitexco) Me Tri Tu Liem 2007 24,063 40 100%
2 Ho Guom Plaza Ha Dong Ha Dong 2013 23,380 25 95%
3 Lotte Department Store 54 Lieu Giai Ba Dinh 2014 21,480 50 100%

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Q3 2017 | HANOI | CONDOMINIUM
PERFORMANCE Figure 23: Condominium, Sold Units and Absorption Rate by Segment
Hanoi condominium market recorded a vibrant quarter with
approximately 5,400 successful deals across all segments, Sold Units Absorption rate
equivalent to an increase of 35% q-o-q. Mid-end to high-end
segments continued to see the high sold rates thanks to their 3,500 50%
reasonable prices with more than 4,000 units sold, accounting 3,000
for 80% of the market share. No new luxury apartment was 45%
2,500
absorbed while affordable segment witnessed a moderate sales
volume with nearly 1,000 units. 2,000
units
40%
On the primary market, developers offered relatively stable 1,500
selling prices to prepare for upward price adjustments often
occurring in the end of year. Therefore, selling prices recorded 1,000
35%
minor changes in the review quarter with the average price of 500
approximately USD2,130/sqm across all segments.
0 30%
High-end Mid-end Affordable

SUPPLY
Newly launched units in the third quarter of 2017 reached Figure 24: Condominium, New launches
approximately 8,000, an increase of 2.6% compared the previous
40,000
quarter. While high-end segment recorded modest supply with
more than 1,400 units, dropping their market share by 29.5% 35,000
compared to the previous quarter, large amount of new supply
from other segments reflected positive sentiment of developers 30,000
towards lower-end products. 25,000
In terms of location, the West and South dominated new launches
units
with nearly 60% of the market share thanks to large land bank 20,000
and upgrading infrastructure. 15,000
10,000
5,000
DEMAND
According to Vietnam population and housing census, household 0
size of Vietnam decreased from 5.2 persons per household in 2012 2013 2014 2015 2016 9M2017
1979 to 3.7 persons per household in 2014, declining by 0.7 Source: Colliers International Research
person compared with 1999. This is in line with considerable
changes in the Vietnamese family structure in which the concept Figure 25: Condominium, Sold Units by Segment
of a nuclear family is becoming more prevalent. Young married
couples prefer to live in their own homes to enjoy the privacy, Luxury High-end Mid-end Affordable
rather than share their accommodation with parents. This trend 25,000
will drive stronger demand for high-rise condominiums in the
capital city. 20,000
15,000
units
OUTLOOK 10,000
As more affordable housing projects will be added to the future

supply pipeline in upcoming years, sale price will not see a 5,000
significant appreciation for this market segment. Non-urban
districts such as Hoang Mai, Ha Dong, Dan Phuong and Gia Lam 0
are being major hubs for lower-end residential products thanks 2012 2013 2014 2015 2016 9M2017
to their large land availability. The existing gap between strong Source: Colliers International Research
end-users demand and limited affordable supply is expected to
be resolved in the next few years.

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Q3 2017 | HANOI | CONDOMINIUM
Table
Table3:16:Significant OfficeSignificant
Condominium, Projects new projects launched in Q3 2017
Completion Number of Asking Price
Year units (US$/sqm)
1 PentStudio CTX Holdings Tay Ho 2018 90 3,500
2 Tan Hong Ha Tower Tan Hong Ha Corp Thanh Xuan 2018 120 1,500
Saigon-Hanoi Investment
3 Samsora Premier Ha Dong 2019 696 920
Corp.
4 Vinhomes Greenbay Vingroup Nam Tu Liem 2019 600 1233
5 Hateco Apollo Xuan Phuong Hateco Nam Tu Liem 2019 1,300 793
6 The Emerald My Dinh Vinmefulland Nam Tu Liem 2019 600 1,100
7 Sunshine City Sunshine Group North Tu Liem 2019 790 1,277
Hanoi Investment, Con-
8 Housinco Grand Tower struction and Business Thanh Tri 2019 412 1,100
No.35

Q3 2017 | HANOI | VILLA & TOWNHOUSE
PERFORMANCE Figure 26: Villa and Townhouse, Supply by quarter, Hanoi

Strong market momentum continued in the third quarter of 2017
with the transaction volume reaching more than 600 dwellings, Dwellings No. of Projects
a two-fold increase compared to the previous quarter. The citys 40,000 160
landed property market continued to witness decentralized
35,000 140
trend with majority newly launched projects located in suburban
30,000 120
districts such as Hoang Mai, Ha Dong and Thanh Tri.
No. of projects
Market secondary price saw a decrease of more than 3% on a 25,000 100
quarterly basis, averaging at USD3,330/sqm. Due to low selling
units
20,000 80
price of newly launched projects, Ha Dong and Hoang Mai 15,000 60
Districts recorded the largest price deceleration of 7% q-o-q 10,000 40
each, dragging the market average price by 3% accordingly.
5,000 20
The West Lake area had the highest average price thanks to
0 0
convenient connectivity to the CBD, beautiful lake view and low
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
construction density.
2015 2016 2017
SUPPLY
The supply pipeline in the third quarter of 2017 welcomed more Figure 27: Secondary Price by District, completed units, Q-o-Q Changes
than 1,000 dwelling from 5 projects coming to the market, an
increase of 3.3% q-o-q compared to the existing stock. Ha Q2-2017 Average Q3-2017 Average q-o-q changes
Dong District with two large-scale projects was the dominant
9000 3.0%
contributor, accounting for 68.4% of the market share. Currently, 2.0%
8000
the total villa and townhouse stock in Hanoi was approximately 1.0%
7000
37,000 dwellings from 155 active projects with townhouse the 0.0%
6000 -1.0%
most popular product. Notable newly launched projects include
US D/s qm
5000 -2.0%
Louis City (599 units), The Mansions (146 units), The Eden
4000 -3.0%
Rose (233 units), Iris Home (77 units) and Hateco Apollo Xuan
3000 -4.0%
Phuong (34 units). -5.0%
2000
-6.0%
1000 -7.0%
0 -8.0%
DEMAND Cau Tay Ho Bac Tu Liem Hoang Ha Long
Hanoi population has seen a substantial growth in the last ten Giay Mai Dong Bien
years, from 3.2 million in 2006 to 7.3 million in 2016. The capital Source: Colliers International Research
citys population is the second largest in Vietnam, only behind
HCMC. The large population base has led to solid demand for Figure 28: Villa & Townhouse, Asking Price on Secondary Market
accommodation. As the Vietnamese prefer to buy villas and
townhouses to retain their wealth, demand for assets attached Average secondary price Changes q-o-q
to land will sustain in the long term. 3550 5
3500 4
3
3450
2
OUTLOOK 3400
1
US D/s qm
It is forecasted that sale price of landed properties will follow 3350 0

%
upward trend due to positive market sentiment, rising demand 3300 -1

-2
and better finishing quality. The price of townhouse will grow 3250
-3
with faster speed than that of villa due to limited pipeline 3200
-4
and possibility of making high profit. Decentralised districts 3150 -5
such as Ha Dong, Hoai Duc, Quoc Oai, Dan Phuong, Chuong 3100 -6
My, Dong Anh, Me Linh and Thach That are leading suppliers Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
thanks to improving infrastructure, growing population and large 2015 2016 2017
greenfield sites.

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Q3 2017 | HANOI | VILLA & TOWNHOUSE
Table3:17:
Table SignificantOffice
Significant new projects
Projectslaunched in Q3 2017
1 Louis City La Vong Group Ha Dong 2018 599 2,800
Vietnam International Township
2 The Mansions Park City 2018 146 4,800
Development Jsc. (VIDC)
3 The Eden Rose Vimedimex Thanh Tri 2018 233 2,500
4 Iris Home Gamuda Land Hoang Mai 2019 77 3,500
5 Hateco Apollo Xuan Phuc Hateco Nam Tu Liem 2019 34 2,200


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Q3 2017 | HANOI | SERVICED APARTMENT
PERFORMANCE
Table 3: Significant Office Projects Figure 29: Serviced Apartment, Supply by Quarter
Q3 2017 witnessed contrast between performance of Grade A
and Grade B serviced apartments. While Grade As average rent Grade A Grade B
significant went up by 5.4% q-o-q to reach USD35.4/sqm/month,
5,000
Grade Bs average rent saw a steady fall of 1.4% compared to
the quarter before, staying at USD20.8/sqm/month. Positive 4,500
trend was also recorded in average occupancy rate for Grade 4,000
A serviced apartments with improvement of 2.8 ppts q-o-q, 3,500
achieving a healthy rate of 92.4%. To contrary, Grade B serviced 3,000
apartments reported a significant plunge of nearly 5 ppts q-o-q
units
2,500
to stay at 83.1% in the review quarter.
2,000
1,500
SUPPLY 1,000
The third quarter of 2017 recorded a new project from a reputable 500
brand coming on line, Somerset West Point Hanoi, adding up
-
185 units to the existing supply and expanding the total stock Source: ColliersQ1International Research
2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
by 4.5% q-o-q. The remaining 100 units of this project will be
unveiled in the next quarter. Being highly appreciated as one of Figure 30: Serviced Apartment, Occupancy Rate
the best serviced apartment in Hanoi with outstanding quality
furniture and professional amenities, Somerset West Point is Grade A Grade B
expected to contribute to raise brand awareness of Somerset 100%
brand in Vietnam. Currently, there are 43 serviced apartment
projects of all grades, providing more than 4,290 units from
90%
studio to four-bedroom units and penthouses in Hanoi. In terms
of location, Ba Dinh and Tay Ho Districts are major suppliers with
more than 50% market share. 80%
DEMAND
70%
Hanoi, the capital city of Vietnam is showing its potential as a
favorable investment destination for multinational corporations,
embassies and international organizations, bringing a hope to a 60%
promising serviced apartment market over the next few years. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
This coincides with the statistical finding that FDI to the capital 2015 2016 2017
city increased in Q3 2017, facilitating growth of demand for Source: Colliers International Research
serviced apartments as normal practice.
In terms of tenant profile, the main sources of demand coming Figure 31: Serviced Apartment, Average Asking Rent
from Japan and Korea owning to a large amount FDI inflow
from these countries invested in industrial zones in suburban Grade A Grade B
provinces such as Bac Ninh, Thai Nguyen, Hai Phong. 40
35
30
OUTLOOK
USD/sqm/month
25
An estimated 394 units of future supply is projected to be unveiled 20

by 2018. Under the pressure of future supply from the market,
15
asking rents are expected to slightly drop in the coming periods,
while occupancy rates in Hanoi serviced apartment market 10
are forecasted to keep in stable due to sustainable demand. 5

Additionally, buy-to-let model is becoming a new attractive
0
investment channel, supported by its small amount of capital, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
flexibility and diverse options. This trend is forecasted to grow in 2015 2016 2017
the coming years, which is more likely to create more competition
to the service apartment market.

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29
Q3 2017 | HANOI | SERVICED APARTMENT
Table3:18:
Table Significant
Significant Serviced
Office Apartment Projects
Projects
Total Average ARR(*)
No. Project Name Address Location
Units Occupancy (**)
1 Lotte Center Dao Tan, Cong Vi Ba Dinh 258 97% 43.0

2 Hanoi Daewoo 360 Kim Ma Ba Dinh 194 88% 28.0
3 Sofitel Plaza 1 Thanh Nien Ba Dinh 56 100% 38.0
3 Hanoi Somerset Grand 49 Hai Ba Trung Hoan Kiem 185 95% 32.0
4 Sun Red River 23 Phan Chu Trinh Hoan Kiem 46 84% 38.0
5 Pacific Place 83B Ly Thuong Kiet Hoan Kiem 35 83% 25.0
6 Somerset West Point 2 Tay Ho Tay Ho 185 95% 36.0
7 Sedona Suites 96 To Ngoc Van Tay Ho 181 92% 34.0
8 Somerset West Lake 254D Thuy Khue Tay Ho 90 90% 33.0
9 Hanoi Lake View 28 Thanh Nien Tay Ho 26 99% 33.3
10 Intercontinental Ha Noi 13 Nghi Tam Tay Ho 25 87% 35.0
11 Fraser Suites Hanoi 51 Xuan Dieu Tay Ho 184 95% 43.0
12 Crown Plaza 36 Le Duc Tho Tu Liem 136 95% 36.0
13 Calidas E6, Pham Hung Tu Liem 378 99% 40.0
14 Somerset Hoa Binh 106 Hoang Quoc Viet Cau Giay 206 87% 33.0
Grade A 2,185 92.4% 35.1
1 Rose Garden 170 Ngoc Khanh Ba Dinh 96 80% 24.0
2 V-Tower 649 Kim Ma Ba Dinh 36 90% 28.0
3 DMC Lake View 535 Kim Ma Ba Dinh 66 85% 16.0
4 Hoa Binh Green No. 14, Ally 376 Buoi Ba Dinh 40 92% 22.0
5 Lancaster Hanoi 20 Nui Truc Ba Dinh 31 85% 24.0
6 May Fair 34B Tran Phu Ba Dinh 48 95% 17.0
7 Hanoi Lakes Residences 11-13 Nam Trang Ba Dinh 10 100% 9.0
8 Skyline Tower 4 Dang Dung Ba Dinh 79 80% 31.0
9 Candle Hotel 287-301 Doi Can Ba Dinh 69 74% 27.0
10 The City Residences 37 Phan Dinh Phung Ba Dinh 15 67% 15.0
11 Elegant Suites Hahoi 19B Ha Hoi Hoan Kiem 39 80% 25.0
12 Palace de Thien Thai 2 Tho Nhuom Hoan Kiem 16 98% 23.0
13 Atlanta 49 Hang Chuoi Hai Ba Trung 50 90% 24.0
14 Times City 485 Minh Khai Hai Ba Trung 150 85% 19.0
15 Rainbow 7 Trieu Viet Vuong Hai Ba Trung 26 88% 14.0
16 Park View 9 Nguyen Binh Khiem Hai Ba Trung 6 92% 11.0
17 Elegant Suites Westlake 10C Dang Thai Mai Tay Ho 131 94% 27.0
18 Flower Village Hanoi 14 Thuy Khue Tay Ho 131 90% 23.0
19 Swan Lake 3/61/31 Xuan Dieu Tay Ho 6 97% 17.0
20 Lakeside Garden 56 Xuan Dieu Tay Ho 8 62% 14.0
21 Oriental Palace 33 Tay Ho Tay Ho 59 70% 30.0
22 Dolphin 28 Tran Binh Tu Liem 70 70% 15.0
23 Jana Garden Terrace 6 Kim Dong Hoang Mai 72 80% 22.0
24 My Way 4, Alley 86, Duy Tan Cau Giay 39 93% 25.0
25 Pan Horizon 157 Xuan Thuy Cau Giay 86 65% 30.0
26 Royal City 72 Nguyen Trai Thanh Xuan 100 85% 17.0
Grade B 1,479 84% 21.1
(*) USD/sqm/month (**) ARR (Average Rental Rate): All rents are stated in gross rents per sqm, not including VAT and serviced charge

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30
VIETNAM
VIETNAM QUARTERLY
QUARTERLY KNOWLEDGE
KNOWLEDGE REPORT
REPORT
Q3 2017 | HANOI | INDUSTRIAL
PERFORMANCE Figure 32: Industrial, Market Performance by District

Average asking rents for industrial parks in Hanoi recorded an
Average asking rent Occupancy rate
upward adjustment of 1.5% q-o-q in Q3 2017, posting at USD101/
sqm/term. Similarly to HCMC, a new industrial rental price level 200 100%
has been established in Hanoi market due to solid demand and 180 90%
limited new industrial supply. This coincides with a significant 160 80%
increase in average occupancy rate across all industrial parks, 140 70%
USD/sqm/term
showing at 81.5%, up nearly 4.2% ppts compared to the previous 120 60%
100 50%
quarter.
80 40%
By district, Bac Tu Liem remained the domiant position as the
60 30%
highest industrial rent district with USD155/sqm/term, while
40 20%
Thach That reported the lowest rent at only USD60.7/sqm/term.
20 10%
Ready-built factories in Hanoi charge USD2.6/sqm/month on
0 0%
average. 100% of occupancy rates were seen in Bac Tu Liem and
Bac Tu Soc Son Chuong Me Linh Long Thach Dong Phu
Long Bien Districts, whist Thach That and Phu Xuyen recorded Liem My Bien That Anh Xuyen
largest vacant areas despite of lower rents.
Figure 33: Industrial, Supply by District
SUPPLY Chuong My
15%
With no new industrial zone coming on line in this quarter,
Others
the total stock remained unchanged compared to the previous 32%
quarter. Currently, there are total 11 industrial parks in the capital
city, offering more than 2,700 hectares of land area. Dong Anh Thach That
District contributes the largest proportion to the market share 25%
with 772 hectares, accounting for 28% of the total stock, whist
the smallest proportion was recorded in Phu Xuyen with the 2.6%
of the market share. Dong Anh
28%
DEMAND Source: Colliers International Research

Demand for industrial real estate in Hanoi is growing, supported
by Vietnams preparation to join international and regional trade
agreements, cheap labor cost and generous tax incentives. Table 19: Industrial, Future Supply
Moreover, the average rent per sqm in Hanoi is much cheaper
than other cities in Asia such as Guangzhou (China), Bangkok GFA
Industrial Park Name District
(Thailand), Jarkata (Indonesia). Significantly, demand for (ha)
ready-built factory is forecasted to soar in the coming quarters
Quang Minh II Industrial Park Me Linh 266
thanks to rising demand from retailers, fast moving consumer
goods companies and emergence of e-commerce. Phuc Tho Industrial Park Phuc Tho 74
Phu Xuyen Industrial Park Phu Xuyen 488
OUTLOOK Thanh My - Xuan Son Industrial Park Son Tay 108

An estimated more than 2,800 hectares of industrial space from
11 projects is planned to come on stream by 2020. However, Soc Son Industrial Park Soc Son 340
Hanoi is facing with challenge in preparing industrial facilities
Soc Son II Industrial Park Soc Son 204
to keep up with rapidly increasing demand from processing
and manufacturing activities as land bank is limited in existing Soc Son III Industrial Park Soc Son 180
industrial parks while almost all future supply is in clearance and
Soc Son IV Industrial Park Soc Son 216
compensation stage, which may delay the expected completion
time. Due to shortage of supply and solid demand, rents and Thanh Oai II Industrial Park Thanh Oai 480
occupancy rates are expected to increase steadily in short and
intermediate terms. Habeco Industrial Park Thuong Tin 300
Ha Noi Hi-BioTech Park Tu Liem 200

Q3 2017 | HANOI | INDUSTRIAL
Table3:20:
Table Hanoi Industrial
Significant Market Overview
Office Projects
Distance to Total Area Asking Rent
No. Name of Industrial Park Location Occupancy LUR Term
CBD (km) (ha) (US$/sqm)
1 Nam Thang Long Tu Liem 15 261 155 100% 2048
2 Noi Bai Soc Son 31 116 145 90% 2058
3 Phu Nghia 1 Chuong My 24 170 95 100% 2058
4 Phu Nghia 2 Chuong My 24 238 95 66% 2058
5 Quang Minh Me Linh 24 344 130 95% 2052
6 Sai Dong B (Phase I&II) Long Bien 11 97 125 100% 2046
7 Thach That Thach That 24 150 100 100% 2056
8 Hoa Lac Hi-Tech Thach That 39 549 50 40% 2048
9 Thang Long Dong Anh 16 302 95 100% 2047
10 Dong Anh Dong Anh 19 470 100 95% 2057
11 Hanssip (phase 1) Phu Xuyen 44 72 120 30% 2060
Total 2,770 101 81.4%

Q3 2017 | DANANG | OFFICE
PERFORMANCE
Figure 34: Office, Market Performance as of Q3 2017
In the review quarter, the average net asking rents of both
Grade A and Grade B remained the same at USD18/sqm/month Occupancy Rate Average Rent
20 100%
and USD11/sqm/month respectively. The average rental rate
18
of Grade C decreased by 2.8% q-o-q, staying it USD7.4/sqm/ 95%
16
month. Compared to Q2 2017, demand for office space in Q3
2017 has not shown much changes, in other words, demand 14
90%
USD/sqm/month
stays the same as occupancy rates for both Grade A and 12
Grade C offices are both 100%while Grade B also shares 94% 10 85%
occupancy rate with last quarter. 8
80%
6
4
75%
SUPPLY 2
The office market of Da Nang in Q3 2017 continues to be 0 70%
relatively small in scale as there is no new office supply projects Grade A Grade B Grade C
which has the potential to be opened in the near future. At Source: Colliers International Research
present, all proposed future office projects are put on hold or
they have not published new information to public. Grade A
Figure 35: Office, Market Performance by Quarter
office buildings are still scarce since the supply is only Indochina
Riverside Tower accountable for 4% market share. The Grade B
Occupancy Rate Average Rent
and Grade C sectors account for 46% and 50% of market share 100% 14.0
respectively. 12.0
95%
The largest office supplier is still Hai Chau district with
10.0
approximately 40,700 sqm from 7 projects accounting for 58%
USD/sqm/month
90%
of market share, followed by Thanh Khe district with 20% 8.0
85%
market share for 13,600 sqm from 2 projects. 6.0
80%
4.0
75% 2.0
70% 0.0
DEMAND Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
The market continued to see the majority of demand stemming 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017
from international organisations operating in technology,
financial services and construction related companies. The Source: Colliers International Research
demand for Da Nangs office space is expected to move upwards
in the near future as the citys authority is encouraging more
start-up business activities by offering financial support and Figure 36: Office, Supply by Grade
cutting the red tapes.
Grade A
Grade C 6%
OUTLOOK 16%
In general, the average asking rent for office space in Da Nang

since Q1 2017 has been quite stable which is mainly due to
growing demand and scarce office space supply. It is forecasted
that rental rates will keep increasing at the top end and keep
remaining stable throughout the period as a method of Grade C Grade B
78%
buildings landlords to attract tenants. Occupancy rates although
change amongst the buildings within Grade B and Grade C
group of buildings, are still predicted to increase since Grade As
vacancy is still unchanged. With demand being mainly driven by
the software and IT industries, bright prospect is expected for Source: Colliers International Research
Danang office market on the back of the corporation between
the city and Japan on IT development in the next coming years.


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33
Q3 2017 | DANANG | OFFICE

Average
Completion NLA Service Occupancy
No Name Address asking rent
Year (sqm) Charges rate
(*)
1 Indochina Riverside Tower 74 Bach Dang, Hai Chau 2008 6,219 included 100% 18.0
Grade A 6,219 - 100% 18.0
1 One Opera 115 Nguyen Van Linh, Hai Chau 2008 4,234 included 100% 12.9
2 Vinh Trung Plaza 253-255-257 Hung Vuong, 2008 5,200 included 96% 10.6
Hai Chau
3 PVFC Building Lot A2.1, 30/4 Street, Hai Chau 2010 11,162 included 100% 10.1
4 Green Plaza 238 Bach Dang, Hai Chau 2010 4,400 included 90% 12.0
5 Thanh Loi Building 135 Nguyen Van Linh, Thanh Khe 2011 5,100 included 93% 10.1
6 Post Office 155 Nguyen Van Linh, Thanh Khe 2014 8,500 included 92% 13.0
7 Petrolimex Tower 122, 2/9 Street, Hai Chau - 6,000 included 86% 9.2
Grade B 44,596 94.2% 11.0
1 DanaBook 78 Bach Dang, Hai Chau - 3,500 included 100% 7.4
2 SPT Z85 Tran Hung Dao, Son Tra 2009 15,863 included 90% 7.0
Grade C 19,363 - 95% 7.2

Q3 2017 | DANANG | RETAIL
PERFORMANCE Figure 37: Retail, Market Performance as of Q3 2017

In general, the performance of Da Nang retail sector in Q3 2017
is better than the previous quarter. The average asking rent of Average Rent Occupancy Rate
the sector as a whole increased to USD20.09/sqm/month from 25 100%
USD19.31/sqm/month which indicates an increase of 4% q-o-q.
100%
Retail spaces with the highest average asking rent prices are
20 100%
Indochina Riverside Towers, Vinh Trung Plaza and Vincom Plaza
Ngo Quyen with price set at USD23/sqm/month. 99%
USD/sqm/month
In terms of occupancy rates, podium and department store 15
99%
performed better than shopping centers this review quarter as
99%
they both achieved 100% occupancy rates. Overall, occupancy 10
rates of retail sector increased from 98.46% last quarter to 99%
99.12%. 5 99%
98%
SUPPLY 0 98%
In Q3 2017, no new retail supply was introduced into the market.
Retail Podium Department Store Shopping center
Vincom Plaza Ngo Quyen with 36,800 sqm of supply space,
which is equal to 49% of retail stock, still keeps Son Tra District Source: Colliers International Research
remain as the largest supplier of retail space, followed by Hai
Chau and Thank Khe District at 48% and 3% respectively. The
Figure 38: Retail, Market Performance Comparison among Key Cities
total retail stock of 79,731 sqm, has seen a decrease since
August because Big C Da Nang was closed due to some legal
Average rent Occupancy rate
issues. 60 100%
In the future, supply of retail space in Da Nangs retail market is
expected to grow strongly as a substantial amount of shopping 50
95%
centers and retail podiums projects are being revived.
40
USD/sqm/month
90%
30
85%
DEMAND 20
The total retail sales of goods and services in July 2017 achieved 80%
10
USD 282 million, an increase of 9.63% compared to the same
period last year. Furthermore, as the supply of retail space has 0 75%
recently withdrawn 11,760 sqm, retail market is expected to be Danang HCMC Hanoi
more beneficial for landlords on the back of limited supply and
strong demand. Not only driven by existing retailers, demand is Source: Colliers International Research
also forecasted to be driven high by international retailers which
are attracted to Da Nang by its future development plans.
Figure 39: Retail, Supply by District
OUTLOOK
Thanh
APEC 2017 conferences are expected to shape and advert Khe
worldwide the image of Da Nang by more than 6,000 journalists 9%
participating in the event . As a result, the citys promising
future supply of retail spaces is considered necessary to attract S on Tra
attention of potential developers and retailers from around 4 6%
Hai Chau
the world. In addition, as Da Nang is a tourist destination with
4 5%
increasing number of visitors, the expected presence of more
retailers since 2018, will help to capture this source of demand.

Q3 2017 | DANANG | RETAIL
Table3:22:
Table Significant
Significant RetailProjects
Office Projects
No Name of Project/Building Address Location ARR (*)
Year (sq m) Rate
1 Indochina Riverside Towers 74 Bach Dang Hai Chau 2008 5,251 23 100%
2 HAGL-Lake View Residences 72 Ham Nghi Thanh Khe 2012 7,200 12.0 100%
1 Parkson Vinh Trung Plaza 253-255-257 Hung Vuong Hai Chau 2011 8,000 23.0 100%
1 Big C Da Nang 255-257 Hung Vuong Thanh Khe 2007 11,760 refurbishment
2 Da Nang Square 35 Thai Phien Hai Chau 2011 3,280 6.2 79%
3 Vincom Plaza Ngo Quyen 910A Ngo Quyen Son Tra 2015 36,800 23.0 100%
4 LOTTE Mart 06 Nai Nam Hai Chau 2016 19,200 18.3 100%

Q3 2017 | DANANG | CONDOTEL
PERFORMANCE Figure 40: Condotel, Market Performance

Following the existing trend from the last 2 quarters, the condotel
market in Q3 2017 continued to experience a steady growing Primary Stock Units sold Average primary selling price
trend of the primary average absorption rate, reaching 90%, up 2700 2300
19% q-o-q. Hai Chau District continued to be the most sought
2250
after area as its average absorption rate achieved the record level 2600
of 100%. Despite the large primary stock supply, Son Tra District 2200
2500
improved its average absorption rate to 92%. 100% selling rate is 2150
US D/s qm
recorded for Hyatt Regency, A la carte, Fusion Suites, F Homes,
Units
2400 2100
Ocean Suites (both block A&B), Naman Garden and Vinpearl
Riverfront. 2050
2300
Average primary price decreased by 5% q-o-q as developers 2000
would like to push up absorption rates. Son Tra District replaced 2200
1950
Ngu Hanh Son District to be the district with the highest average
selling price per sqm at USD2,236 per sqm. 2100 1900
Son Tra Ngu Hanh Son

SUPPLY
In the review quarter, no new significant projects entered the
Figure 41: Condotel, Supply by District
market. The cumulative total stock of condotel units in Da Nang
is currently 7,077 units. Condotel segment in Q3 2017, same as
Q2 2017, continues to be the most vibrant segment of the market.
Especially, two new projects to be launched in the last six months
of 2017 are expected to add in the condotel segment source of
supply 1,200 units.
Ngu Hanh Son, Son Tra and Hai Chau districts remain the ultimate S on Tra
destinations of large-scale luxury projects. Ngu Hanh Son N gu Hanh Son 4 9%
District, this quarter, has gained the status of the largest supplier, 5 1%
accounting for 51% of the primary share, then followed by Son Tra
district at 49%.
DEMAND
The increasing trend of condotel supply throughout the first three Source: Colliers International Research
quarters of 2017 in Da Nang, has been driven by the strong wave
of demand from investors to serve the purpose of hospitality for
tourists coming before and after the APEC 2017 conference in
Da Nang. Additionally, with the expectation of increasing average Figure 42: Condotel, Guaranteed Return by Project
selling price after the conference, developers are more confident
Guatanteed return Year
to develop condotel projects specially in order to get ahead of the
upcoming trend. 12% 10
9
10%
OUTLOOK 8
7
According to the current trend, tourism in Da Nang will continue 8%
6
per year
to grow steadily in coming years therefore a substantial amount

No. of year
6% 5
of new condotel supply projects to be developed is inevitable, in 4
4%
order to cope with the demand. Investors are advised to carefully 3
conduct researches before investing in any condotel project as 2%
2
1
demand for such property is high but also seasonal. Moreover,
0% 0
as supply of condotels increases constantly, price bubbles should Alphanam Ariyana Cocobay Wyndham Ha Bnh Nam An Vinpearl
also be aware of in consideration process to mitigate the chance Luxury Condotel
Furama
Soleil Green Garden Riverfront
of overpaying for an investment.


Q3 2017 | DANANG | CONDOTEL
Table3:23:
Table Significant
Significant Condotel
Office Projects
Projects
Completion Average Selling
No Name of Project/Building Address Location No. of units
Year Price (USD/sqm)*
1 F Home 16 Dang Tu Kinh Hai Chau Q1/2016 560 1,600
2 Ariyana Condotel Furama 105107 Vo Nguyen Giap Ngu Hanh Son Q1/2016 1,320 2,534
3 Cocobay Truong Sa Ngu Hanh Son Q1/2016 1591 1,482
4 Vinpearl Riverfront Ngo Quyen Son Tra Q2/2016 736 2,203
5 Ocean Suites (Block A&B) Truong Sa Ngu Hanh Son Q2/2016 115 2,394
6 Wyndham Soleil Vo Nguyen Giap Son Tra Q3/2016 706 2,635
7 Hoa Binh Green Danang Le Van Duyet Son Tra Q3/2016 1,536 1,663
8 Naman Garden Truong Sa Ngu Hanh Son Q4/2016 99 2,325
9 Alphanam Luxury A1 - A6 Vo Nguyen Giap Son Tra Q4/2016 234 1,815
6,897 2,072


Q3 2017 | DANANG | VILLA
PERFORMANCE Figure 43: Villa, Market Performance

With the advantage of being the host city for APEC 2017
conference, Da Nang real estate market has experienced major Sale Price Absroption
developments within a short period of time this second half 3,000 100%
of 2017. As a part of hospitality properties sector, along with 90%
2,500
increasing amount of investments in condotels, villas market in 80%
Da Nang also sees differences compared to last quarter. 2,000
70%
Average primary asking prices for Da Nangs second-home 60%
US D/s qm
villas range from the lowest at USD 834/sqm to the highest 1,500 50%
at USD 2,761/sqm. In terms of average asking price per 40%
1,000
dwelling, Vinpearl Luxury Da Nang 1 remains position as the 30%
most expensive development with asking price of almost USD 20%
500
1.7 million, a slight increase as compared to Q2 2017. The same 10%
situation is applied for The Point Residences which continues to - 0%
be the most affordable second home villa project in the primary Euro Village The Point The Ocean Furama Euro Village Vinpearl
market at USD 324,000 per dwelling. 2 Residences Estates Villas Luxury Da
Primary market stock has a new addition of 54 units from Euro Nang 1
Village 2 project by Sun Group which makes the total number of Source: Colliers International Research
units increase to 386 units. Even though Euro Village 2 has just
been launched this quarter, its absorption rate is already 50%
and expected to perform well in the future.
Figure 44: Villa, Primary Supply by District
SUPPLY
In Q3 2017, a new supply of 54 units from Euro Village 2 project,
was added into the primary market of the second-home villa for
sale sector. However, this sector is still small as compared to
the condotel sector. Son Tra
43%
The main supplier of primary second-home villas, which holds
57% of the market share, continues to be Ngu Hanh Son District, Ngu Hanh Son
57%
followed by Son Tra District at approximately 43%. In the next
five years, addition of over 2,000 second-home villa units is
expected with most of the future stockpiles will still be heavily
located in Ngu Hanh Son District and Son Tra Peninsula.
Amongst the new supply of projects, the two which attract the
most attention are InterContinental Da Nang Sun Peninsula
and Ba Na Hills, both are Sun Group projects. The Sunrise Bay
project by Novaland also has quite a fame in the future supply
market with its mass number of 1,020 units.
Figure 44: Villa, Buyer profile

DEMAND
Investors from Hanoi are still accounted for the largest portion Overseas Local provinces
Vietnamese
5% Local provinces
of villa buyers in Da Nang with 85% of the market share, Vietnamese/Foreigners
residing
5% 5%
followed by HCMC at 5%. Purchases are also noted to be made abroad/Foreigners
5%
by Vietnamese residents from local provinces, Vietnamese living HCMC
5% HCMC
abroad or even foreigners. Each category, at 5%, completes the 5%
circle of market share. It is worth noting that the surge in the
number of Chinese tourists and investors has not shown any
sign of slowing down as compared to the previous quarter. Ha Noi
85%
OUTLOOK
Being the host city of APEC 2017 conference, Da Nang is Ha Noi
85%
expected to have its full potential exposed more internationally.
Such an event is predicted to attract a new wave of investment
to Da Nang real estate market as a whole and the second-home
villa sector in particular. Moreover, according to widely spread
news, since last year 2016, the citys infrastructure has been
re-examined and reviewed by the authorities and development
projects have been carried out ever in order to draw more
capital flows into Da Nangs still small in scale second-home
villa market.

success
39
Q3 2017 | DANANG | VILLA
Table3:24:
Table Significant
Significant Villa Projects
Office Projects
No Name of Project/Building Developer Location Location
Year of units (USD/sqm)
1 Euro Village 2 Sun Group Hoa Xuan Ngu Hanh Son - 54 834
Ariyana
2 Furama Villas Vo Nguyen Giap Ngu Hanh Son 2009 131 2,761
Corporation
3 Vinpearl Luxury Da Nang 1 VinGroup Truong Sa Ngu Hanh Son 2011 39 1,703
4 The Point Residences VinaCapital Truong Sa Ngu Hanh Son 2014 40 1,125
5 The Ocean Estates VinaCapital Truong Sa Ngu Hanh Son 2016 33 1,360
6 Euro Village Sun Group 27 Hoa Hong Son Tra - 175 1,976
472 1,627


success
40
VIETNAM | RESEARCH & FORECAST REPORT
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vietnam quarterly KNOWLEDGE report

HO CHI MINH CITY ...................................................................................................................... 7

HO CHI MINH CITY MARKET OVERVIEW ........................................................................ 8-20

VILLA & TOWNHOUSE ................................................................................................................. 15

SERVICED APARTMENT .............................................................................................................. 17

HANOI MARKET OVERVIEW ................................................................................................ 21-32

VILLA & TOWNHOUSE ................................................................................................................. 27

SERVICED APARTMENT .............................................................................................................. 29

DANANG MARKET OVERVIEW ............................................................................................. 33-40

Cover Page: Ho Chi Minh City Skyline

Figure 2: International Arrivals to Vietnam in 9M2017 ....................................................................... 6

Figure 3: GDP Growth Rate of HCMC, Hanoi and Danang ................................................................... 7

Figure 4: FDI of HCMC, Hanoi and Danang ......................................................................................... 7

HO CHI MINH CITY MARKET OVERVIEW 8

Figure 6: Office, Occupancy Rate ....................................................................................................... 11

Figure 7: Retail, Rental Rate by Years ................................................................................................. 11

Figure 8: Retail, Occupacy Rate by Years ........................................................................................... 13

Figure 9: Condominium, New Launches by Segment and Quarter ....................................................... 13

Figure 10: Condominium, Sold Units by Segment and Quarter ............................................................ 13

Figure 11: Condominium, Primary Asking Price .................................................................................. 15

Figure 13: Villa and Townhouse, Transaction Volume by Quarter ......................................................... 15

Figure 14: Villa and Townhouse, New Launches by District.................................................................. 17

Figure 15: Serviced Apartment, Occupancy Rate ............................................................................... 17

Figure 16: Serviced Apartment, Average Asking Rent ......................................................................... 19

Figure 17: Industrial, Market Performance by District ......................................................................... 19

Figure 18: Industrial, Supply by District ..............................................................................................

Table 2: Significant Projects under expected completion in 2018......................................................... 9

Table 3: Significant Office Projects .................................................................................................... 11

Table 4: Retail, Significant Future Projects under Construction .......................................................... 12

Table 5: Significant Retail Projects .................................................................................................... 14

Table 6: Condominium, Significant new Projects launched in Q3 2017 ................................................ 16

Table 8: Serviced Apartment, Significant Future Projects under construction ..................................... 18

Table 9: Significant Serviced Apartment Projects ............................................................................... 19

Table 10: Industrial, Future Supply ..................................................................................................... 20

Table 11: Industrial, Market Overview ................................................................................................

Figure 19: Office, Average Asking Rent.................................................................................................... 21

Figure 20: Office, Occupancy Rate ......................................................................................................... 21

Figure 21: Retail, Rental Rates by Quater.................................................................................................. 23

Figure 22: Retail, Occupancy Rates by Quarter ........................................................................................23

Figure 23: Condominium, Sold Units and Absorption Rate by Segment......................................................25

Figure 24: Condominium, New Launches..................................................................................................25

Figure 25: Condominium, Sold Units by Segment..................................................................................... 25

Figure 26: Villa and Townhouse, Supply by Quarter, Hanoi....................................................................... 27

Figure 29: Serviced Apartment, Supply by Quarter................................................................................. 29

Figure 30: Serviced Apartment, Occupancy Rate .................................................................................... 29

Figure 31: Serviced Apartment, Average Asking Rent............................................................................... 29

Figure 32: Industrial, Market Performance by Distrtict ............................................................................ 31

Figure 33: Industrial, Supply by District .................................................................................................. 31

Table 13: Significant CBD Office Projects ................................................................................................ 22

Table 14: Retail, Significant Future Supply ............................................................................................... 23

Table 15: Significant Retail Projects ........................................................................................................ 24

Table 16: Condominium, Significant New Projects Launched in Q3 2017................................................... 26

Table 18: Significant Serviced Apartment Projects .................................................................................. 29

Table 19: Industrial, Future Supply ......................................................................................................... 31

Table 20: Hanoi Industrial Market Overview ............................................................................................ 32

Figure 34: Office, Market Performance as of Q3 2017 ............................................................................ 33

Figure 35: Office, Market Performance by Quarter .................................................................................. 33

Figure 36: Office, Supply by Grade .......................................................................................................... 33

Figure 37: Retail, Market Performance as of Q3 2017 .............................................................................. 35

Figure 39: Retail, Supply by District ........................................................................................................ 35

Figure 40: Condotel, Market Performance ............................................................................................... 37

Figure 41: Condotel, Supply by District ................................................................................................... 37

Figure 42: Condotel, Guaranteed Return by Project ................................................................................. 37